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hereinbefore described, but in case of a default in any of
-the terms of this mortgage, or the filing .of a complaint
to foreclose this or any other mortgage encumbering the within
_ described property, the Association shall immediately and
without notice be entitled to the appointment of a Receiver
of the mortgaged property, and of the rents, issues and profits _
- thereof, with the usual power of Receivers in such cases,
and such Receiver may be continued in possession of the said
property until the time of the sale hereof under such foreclosure
and until the confirmation of such sale by the Court.
9. In the event the premises hereby mortgaged, or
any part thereof, shall be condemned and taken for public
use under the power of eminent domain, the Association shall
have the right to demand that all damages awarded for the
taking of, or damages to, said premises shall be paid to
the Association, its successors or assigns, up to the amount
then unpaid on this mortgage-and may be applied upon the
payment or payments last payable thereon.
10. It is specifically agreed that time is the essence
of this contract and that no waiver of any obligation hereunder
or of the obligation secured hereby shall at any time thereafter
be held to be a waiver of the terms hereof or of the instrument
secured hereby.
11. If foreclosure proceedings of any mortgage or
trust deed or any lien of any kind should be instituted,
the Association may at its option immediately or thereafter
declare this mortgage-and the indebtedness secured hereby
due and payable. -
12. To pay all and singular the costs, charges and
expenses, including lawyer's fees, incurred or paid at any
time by the Association because of the failure of the mortgagor
to perform, comply with and abide by each and every the stipula-
tions, agreements, conditions and cove-nants of said promissory f
note and this deed, or either, and everyy such payment shall
bear interest from-date at the rate of 14.5 per cent per
annum.
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13. The mortgagor further covenants that the buildings
to be constructed and equipped with money to be advanced
on this mortgage shall be constructed in accordance with
plans and specifications submitted to the Association, and
that should said buildings not be constructed in accordance
j with said plans and specifications, .then and in that event,
{ the mortgagee may, at its option, declare all sums secured
hereby immediately due and payable.
j 14. Upon the occurrence of the filing of an arrangement
or proceeding in bankruptcy by or against mortgagor, initiation
of insolvency proceedings by or against mortgagor, or assign-
ment by mortgagor for benefit of mortgagor's creditors, all
~ of the sums secured by this mortgage shall be immediately
due and payable at the option of mortgagee, without notice
~ or demand.
15. To the extent any-items of the property or premises
~ encumbered hereby shall constitute personal property, this
mortgage shall be deemed a security agreement, and the mort-
gagee shall have all the rights of a secured party under
- the Uniform Commercial Code of the State of Florida.
16. Mortgagor further covenants with mortgagee that
any breach by mortgagor of the terms, provisions or covenants
of any separate construction loan agreement by and between
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FEE. KOBLEGARD ~ TEEL. P. A.
ATTORNEYS AT LAW ~OM ,r
POST OFFICE BOX 1000 C(1oRRY"w-
{4 P(iVE ~4g
FORT PIERCE. FLORIDA a~450 {~UU 1~
T[l[)NON[~ (305) 461.5020